Cancer Drug Deal & Appt
IP Group PLC
13 July 2006
For immediate release 13th July 2006
IP Group plc
('IP Group' or the 'Company')
Modern Biosciences to develop new class of cancer drug & appointment of Chief
Scientific Adviser (Oncology)
IP Group plc (LSE: IPO), the intellectual property commercialisation company, is
delighted to announce that Modern Biosciences plc ('MBS'), IP Group's
in-licensing and drug development subsidiary, has entered into an exclusive
licence and research agreement with The University of Manchester ('Manchester')
and The University of Salford (UK) ('Salford') for the development of a new
class of cancer drug. The deal is the first for MBS, whose model has been well
received by research institutions across the UK.
Under the terms of the agreement with Manchester and Salford, MBS has exclusive
worldwide rights to develop and commercialise a series of novel anti-cancer
compounds discovered by Professor Alan McGown (Salford) and Dr. Kevin Flower
(Manchester). These patented compounds have highly potent anti-cancer activity
and appear to have a unique mechanism of action, showing greatly enhanced levels
of activity in tumour cells that have developed resistance to existing platinum
based agents whilst also retaining high levels of activity in non-resistant
tumours.
MBS will manage and fund the development of the compounds and seek to
commercialise them through an alliance with a pharmaceutical partner following
proof of concept studies. It is expected that the maximum commitment of MBS will
be £137,000 initially, with a maximum of a further £1.3m being made available
over the next three years, subject to the achievement of certain milestones.
This is the first agreement that MBS has completed since signing a Memorandum of
Understanding with The University of Manchester relating to the
commercialisation of drug related IP in March 2006. The University of Manchester
is one of the leading centres for life science research in the UK. Many
successful spin-outs have been formed from this institution including Neutec
Pharma plc and Renovo Group plc.
MBS also announces today that it has appointed Professor Barry Furr as its Chief
Scientific Adviser (Oncology). Professor Furr, who will advise on the program
described today and other oncology programmes across MBS, was formerly Chief
Scientist and Head of Project Evaluation at AstraZeneca Pharmaceuticals where he
was responsible for the discovery and development of the anti-cancer drugs
Zoladex and Casodex, used for the treatment of breast and prostate cancer. He
was awarded an OBE in 2000 for services to cancer drug discovery.
Alex Stevenson, COO of MBS, said: 'We are very pleased to have concluded this
deal with the Universities of Manchester and Salford. The activity profile of
these compounds is very exciting and, if the initial results obtained in the
laboratory are translated into the clinic, they have the potential to make a
significant impact on the treatment of cancer. Having signed an agreement with
the University of Manchester relating to the commercialisation of drug related
IP, this deal is the next step in validating our business model. We are in
advanced discussions with a number of other research institutions across the UK
regarding the commercialisation of drug related IP and expect to announce a
number of similar deals over the coming months. We are also very pleased that
Barry has joined the team. His expertise and experience in identifying and
developing blockbuster drugs will be invaluable in maximising value as we grow
our oncology portfolio.'
Clive Rowlands, Chief Executive of The University of Manchester's IP company,
UMIP, said: 'The conclusion of this deal so soon after the MoU with MBS
demonstrates the speed at which both MBS and UMIP can carry out due diligence
and negotiate arrangements through to legals. The involvement with Salford has
been a very positive experience.'
Rick Watson, Technology Manager, Academic Enterprise, Salford said: 'We are very
pleased to be partnering with Manchester and MBS on such an exciting project
which further underlines Salford's enterprising nature. We have high hopes of
success with the world-class team MBS has assembled behind the project.'
For further information, please contact:
IP Group plc 020 7489 5200
Alan Aubrey, Chief Executive Officer
Liz Vaughan-Adams (communications) 0207 489 5206/07979853802
Modern Biosciences plc 020 7489 5225
Alex Stevenson, Chief Operating Officer
KBC Peel Hunt Ltd 020 7418 8900
Megan Macintyre
Buchanan Communications 020 7466 5000
Mark Court, Tim Anderson, Mary-Jane Johnson
University of Manchester 0161 606 7216
Rich Ferrie
University of Salford 0161 295 4814
Rick Watson
Notes for Editors
About IP Group
IP Group Plc is an intellectual property (IP) commercialisation company that
specialises in commercialising university technology. Founded in 2001, IP Group
listed on AiM in October 2003 and moved to the Official List in June 2006. It
has made two acquisitions to date - Techtran, a company set up to commercialise
university intellectual property under a long term contract with the University
of Leeds, in 2005 and Top Technology Ventures, an investment adviser to early
stage technology venture capital funds, in 2004.
The group has formed long-term partnerships with seven universities - the
University of Oxford, King's College London, CNAP/University of York, the
University of Leeds, the University of Bristol, the University of Surrey and the
University of Southampton.
As at 13 June 2006, 42 spin-out companies had been created among the group's
university partners. Of those, seven have listed on the AiM market of the London
Stock Exchange and there has been one trade sale.
For more information, please visit our website at www.ipgroupplc.com
About Modern Biosciences
Modern Biosciences is a subsidiary of IP Group that was established in 2005 as a
specialist drug in-licensing and development company. MBS' business model
provides a channel for exciting early stage drug candidates to reach industry
and is based around sourcing drug candidates from partner organisations, funding
and managing development programmes to value inflexion and forming commercial
alliances with industry for later stage development and marketing.
www.modernbiosciences.com
About UMIP
The University of Manchester Intellectual Property Limited (UMIP) is the
managing agent of The University of Manchester for intellectual property
commercialisation. UMIP's role is to enhance the scale and quality of The
University's intellectual property development and commercialisation activities.
UMIP works in highly positive relationships with researchers, entrepreneurs,
business people, professional advisers and investors to achieve its goals. As a
successful company it employs modern management approaches to licensing, joint
ventures, spin-out and spin-in enterprises. UMIP has a flexible and tailored
approach to each commercial opportunity to ensure that the possibilities and
benefits for intellectual property transfer to the market-place are maximised.
www.umip.com
About Salford
The University of Salford is an Enterprising University. The mission of the
University of Salford is to maintain internationally recognised excellence in
education for capability, research for the real world, and partnership with
business and the community.
ENDS
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